Europe Set to Overhaul Its Entire Economy in Green Deal Push
Comment of the Day

December 03 2019

Commentary by Eoin Treacy

Europe Set to Overhaul Its Entire Economy in Green Deal Push

This article by Ewa Krukowska and Nikos Chrysoloras for Bloomberg may be of interest to subscribers. Here is a section:

The EU plan, set to be approved as the high-profile United Nations summit in Madrid winds up, would put the bloc ahead of other major emitters. Countries including China, India and Japan have yet to translate voluntary pledges under the 2015 Paris climate accord into binding national measures. U.S. President Donald Trump has said he’ll pull the U.S. out of the Paris agreement.

In a pitch of her Green Deal to member states and the European Parliament on Dec. 11, von der Leyen is set to promise a set of measures to reach the net-zero emissions target, affecting sectors from agriculture to energy production. It will include a thorough analysis on how to toughen the current 40% goal to reduce emissions by 2030 to 50% or even 55%, according to an EU document obtained by Bloomberg News.

Make It Irreversible
In the next step, the commission will propose an EU law in March that would “make the transition to climate neutrality irreversible,” von der Leyen told the UN meeting. She said the measure will include “a farm-to-fork strategy and a biodiversity strategy” and will extend the scope of emissions trading.

Eoin Treacy's view

The EU’s political elite view the climate argument as a voter winner, a source of revenue for their constrained social services and an additional control on the economy that would be impossible under normal circumstances. It is also a response to the fact the region is a major energy consumer and has long had to deal with regimes it is politically at odds with because of its dependence on imports of energy commodities.

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